News
Willis given green Saudi greenlight
Willis has become one of the first brokers to be officially licensed in Saudi Arabia by the Saudi Arabian Monetary Agency under the provisions of the Insurance Law of 2004. The broker’s operations in the country will henceforth be known as Willis Saudi…
L&G slips further into the red in household
Legal and General this morning reported an operating loss in 2007 of £67m for its UK general insurance business including losses of £76m net of reinsurance from the UK floods in June and July, and £8m for the cost of windstorm Kyrill in January.
XL picks outsider for O'Hara role
XL Capital has ended years of speculation by naming Mr Michael S. McGavick toreplace Brian M. O'Hara as its next chief executive on May 1st. O'Hara announced in October 2007 that he would retire as CEO by mid-2008 and will serve as chairman during the…
XL Capital appoints new CEO
XL Capital has named Michael McGavick as its next chief executive.
BMS names new chairman
BMS has announced the appointment of Hugo Crawley as chairman of the board amongst a series of promotions it says will give the company greater practitioner focus.
DAS reports 82% growth in profits
DAS has described 2007 as a “difficult year” for the legal protection insurance market despite reporting an 82% increase in profits in 2007.
Heath Lambert reveals healthy 2007 return
Insurance broker Heath Lambert generated revenue of £113.1m and earnings before interest, tax, depreciation and amortisation up 6% from 2006 to £18.5m in 2007.
Millions of people misleading insurers every year, says Sainsbury's
More than one million people have lied to insurance companies while taking out cover over the past five year, according to research by Sainsbury's Finance.
Travelers announces closure of accounting periods for syndicate 227
Travelers has announced the closure of the 2000 and prior and 2001 years of account for syndicate 227.
Bank of England's £5bn offering to banks five times oversubscribed
In order to pump liquidity into the money markets the Bank of England offered £5bn to banks over a three-day period; however UK's banks wanted more and requested a total of £23.6bn.
Oxygen appoints broker division MD
Oxygen Holdings has appointed Tom Ernoult as managing director of its subsidiary, Oxygen Insurance Brokers.
Munich Re in €170m Cat bond
German reinsurer Munich Re has launched a multiyear €170m cat bond, to prvide cover for European windstorms.
Howden appoints new board and financial lines recruit
Lloyd’s broker Howden has announced that Lorraine Adlam has joined as a new board member and financial lines practice leader for the company’s global operations.
Marsh unveils new relationship role
Marsh has appointed Jeremy Cooke to the new position of global head of market relationship management.
Brit puts focus on technology with new appointment
Brit Insurance has appointed Christopher Caswell to the newly created position of e-trading schemes underwriter.
Arch, Gulf Investment Corporation launch $400m Gulf Re
Bermudian (re)insurer Arch Capital and GCC-owned Gulf Investment Corporation said at the World Insurance Forum today that it has joined up to form specialist reinsurer Gulf Re.
Net premium falls $3.1bn for US reinsurers
A group of 20 US property-casualty reinsurers wrote $22.7bn in net premium in 2007 marking a decrease of $3.1bn from the previous year, according to the Reinsurance Association of America annual underwriting report.
CCV announces Sussex acquisition
Cullum Capital Ventures has announced it has acquired Berkeley Alexander based in Lewes, Sussex.
IUA welcomes IPT announcement
The IUA has welcomed the Budget announcement that fiscal representatives will no longer be required for the payment of insurance premium tax in the UK, a measure that will streamline trade involving overseas insurance companies operating on a cross…
QBE in Lloyd's move
As a part of QBE’s strategy to make it easier for Lloyd’s brokers to get full access to its diverse range of products, on 17 March 2008 QBE is consolidating its four casualty and specialty boxes in Lloyd’s.
Broker granted Ruissian license
Colemont Rus Insurance Brokers has been granted a license from the Ministry of Finance of the Russian Federation. Having initially set up a representative office in Moscow in July 2006, Colemont Rus Insurance Brokers Limited will now be able to offer a…
Cunningham Lindsey names commercial director
Cunningham Lindsey has appointed David Aiston as commercial director of its Loss Adjusting Services team.
Novae announces 31% rise in pre-tax profits
Novae group has announced its pre-tax profits rose by 31% to £41.m despite toughening market conditions in 2007.
Paris Re to proceed with capital return as profits fall
Global reinsurer Paris Re produced $232m of underwriting income in 2007, down 38.7% on a year earlier on a net earned premium base that declined 5.9% to $1.13bn.